Hot on the heels of an approval for its $1-billion first foray into the office sector, Pro-Invest is looking for more opportunities across the country.
Better known for its hotel developments, Pro-Invest managing director Tim Sherlock said the developer was “working through” further acquisitions in the office sector.
Sherlock said it was the perfect marriage of their strong background in hospitality and innovative workplace design to break the mould and feed into the renewal of the North Sydney CBD, which has attracted heavy interest over the past 12 months.
Pro-Invest acquired the site at the end of 2019 for $166.5 million and settled on the B-grade office asset at 100-102 Walker Street as the dust settled on a new pandemic landscape.
But Sherlock said Covid-19 had “created a real opportunity” for this development, with the ongoing trend of a flight to quality office assets. He said sustainability and hospitality on-site would attract premium rents in burgeoning North Sydney.
The Bates Smart-designed 45-storey hybrid timber tower is slated for completion in 2026, as talks are under way to secure tenants for the basement speakeasy wine bar and food and beverage offerings at the ground plane and the 38,000sq m of lettable space.
“This building will be a mix of concrete and cross-laminated timber, which will feed into our ESG targets,” Sherlock said.
“ESG has been part of our DNA for the past 10 years. We believe sustainability and proximity to food and beverage offerings will be an important part of the post-Covid world.
“The office tower will provide flexible floorplates and extra space that will give tenants the opportunity to flex into other areas on days where their whole team is in the office.”
Sherlock said they didn’t want to create an imposing office lobby, but rather draw on their hotel experience to create a concierge-style experience for office tenants.
The opening of the metro Victoria Cross station will be a game changer for the CBD which has been unable to lure business from the heart of Sydney’s CBD.
The building will be sandwiched between two other tall office towers, but design outcomes are focused on creating an open and permeable laneway between the neighbouring Stockland tower and Pro-Invest’s approved development.
The building is targeting a 5 Star NABERS rating, with some undisclosed “world-first” sustainable and data-led innovations.
Pro-Invest has a portfolio of 23 hotels across 11 cities in Australia and New Zealand and between $2.5 billion and $3 billion in assets under management, facilitated through three funds with capital partners from predominantly Europe and the Middle East.
